Ritchie Bros. Financial Services surpassed $1 billion in annual funded volume in 2022 for the first time in its 11-year history, helping tens of thousands of customers around the world purchase used equipment, vehicles and other industrial assets.
“Ritchie Bros. Financial Services continues to drive industry-leading customer experience with our innovative, flexible financing and leasing solutions, combined with a fast and efficient approval process,” Chris Quinn, vice president, sales & marketing financial services at Ritchie Bros., said. “In 2022, more than half of our funded volume came from repeat customers. At the same time, we are attracting new customers every single day. Last year, we also saw approval rates above 80%, which is a new record, and the percentage of transactions funded on the Ritchie Bros. marketplace increased by 15%, helping facilitate more transactions for buyers and create better pricing for sellers.”
Ritchie Bros. Financial Services offers several different solutions to its customers, including PurchaseFlex Financing, which enables customers to get pre-approved for financing for any type of equipment, regardless of brand or asset type. Ritchie Bros. Financial Services has seen approximately 40% growth in the funding of private sale purchases, through online listing sites like Ritchie list and equipment dealerships.
“PurchaseSafe provides customers a secure and safe buying experience, so they can shop privately with the same confidence they do when buying at Ritchie Bros.,” Quinn said. “Today, approximately 60% of our total funded volume comes through dealer and private sales. Customers rely on Ritchie Bros. Financial Services regardless of where they are shopping.”
